The more I read about other nearby communities and their arena projects; and the more I see the economy declining over the next year or so, the more I feel the city of Cornwall should not be green lighting this project; even if we get Federal Funding.
Kingston just put up a big arena. It’s budget; almost the same as our proposed one. As a matter of fact the more I read of the Kingston project; the more it looks like someone in Cornwall just lifted the Kingston project and duplicated it here.
The big difference though is as wonderful as Cornwall is, and it is a wonderful place; we are not as big as Kingston. We do not have the tax base they do and we sure as heck aren’t as wealthy per capita to afford a similar project.
Here are some intersting links (anyone can use Google)
Kingston actually has a neat messageboard where people discuss local issues. I wish we had something like this in Cornwall. Maybe more of you folks will start posting comments here on The Free News?
Invista Centre FAQ L I N K
Now this one reasonated with me. ARENA FUND RAISING MISSES MARK
“Rosen, who chairs the campaign, said there are still a few “large” donations that could come in, but the campaign will still be short of its $2-million goal.
The campaign is currently more than $640,000 short. “It does not look like we’re going to get to our … goal,” Rosen said.
“We know where we are. We’re very short.”
The $2 million fundraising campaign was supposed to help pay for the $46.5 million K-Rock Centre.”
Sound familiar? $2 Million to raise? Now if Kingston can’t raise 2 Mill how will Mr. Lecky and his team in Cornwall? If he doesn’t who picks up the tab?
“Rosen said a case could be made to use the reserve funds for the arena because it is a city-owned facility.”
So our arena, being city-owned would have to have shortages picked up by….??
Carleton U in Ottawa was able to build 2 NHL Pads for $ 15.5 Million L I N K
And what if the arena doesn’t create the revenues projected? L I N K
“Kingston councillors have been warned they may have to raid $600,000 from reserves to pay for the K-Rock Centre because the downtown rink is not turning the profit that was expected.
“There’s enough revenues coming in to offset the operating expenses,” said city hall manager Denis Leger. “The only thing that’s left outstanding … is financing the capital outlay, the tens of millions of dollars that you’ve spent on this facility to have it constructed.”
The city borrowed the bulk of the $46.5 million required to build the centre and banked on earning $1.1 million a year in net profit to pay off the construction loans, but a new report projects that the centre will return a profit by the end of this year of just $315,000, roughly 65% less than was forecast and roughly half the amount projected in a report three months ago.
The city needs $922,000 in this first, partial year, to make its payments. The centre opened on Feb. 22.
Mayor Harvey Rosen said he’s disappointed but not shocked.”
Can Cornwall afford this type of potential cost? No, I don’t think we as a city can.
All the info is out there.
I love Hockey and I see a need for improving on what we have, but is it a question of expansion or improvement? Is it actually prudent for Cornwall to spend $40 Million dollars simply to upgrade and replace its two arenas at this time?
My vote would be not. I would rather invest in upgrading out door arenas around Cornwall and spreading some of these dollars to other projects based on users and financial input from individual groups.
What would you do Cornwall? Let us know and let City Hall know before it’s too late.
Editorials are the opinions of the writer solely and not that of the owners or sponsors of The Cornwall Free News.
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